Servicers Advised to Mimic Consent Order Compliance
July 18, 2011
Mortgage servicers that have not yet contemplated adjusting their practices to conform to the principles illustrated in the consent decrees federal regulators issued earlier this year against 14 top servicers, as well as the June 30 guidance from the Office of the Comptroller of the Currency, better think again, and quickly, a leading industry attorney is recommending. I think the OCCs guidance is a clear statement of regulator expectations as to the performance of bank servicers, both in terms of looking back and addressing past issues and in creating an appropriate compliance structure going forward, Andrew Sandler, chairman of the BuckleySandler law firm, told Inside Regulatory Strategies. The expectation should be that other regulators, including the Federal Reserve and the Consumer Financial Protection Bureau, will have very similar sets of expectations...